There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
EUR/CHF rising inside minor impulse wave (iii)
- EUR/CHF rising inside minor impulse wave (iii)
- Next buy target - 1.1700
EUR/CHF continues to rise inside the minor impulse wave (iii) which reversed earlier from the support zone lying between the key support level 1.1590, 38.2% Fibonacci correction of the previous sharp upward impulse wave form the start of October and the sharp, upward-sloping support trendline from the middle of June. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star. EUR/CHF is expected to rise to the next buy target at 1.1700.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.